TaxTMI 
TaxTMI 
2019 (5) TMI 752
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....e Revenue has come up with the above appeal under Section 260A of the Income Tax Act, 1961 (in short 'the Act'), raising the following substantial questions of law: 1) In the facts and circumstances of the case, whether the order of the Hon'ble Tribunal (ITAT) in holding that the initial assessment order was not erroneous and exercise of jurisdiction by the learned Commissioner of Income Ta....
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....covered by Section 2(47)(v) of the Income Tax Act? 4) In the facts and circumstances of the case, whether the Hon'ble Tribunal (ITAT) is justified in holding that the provisions of Section 263 cannot be invoked even when the Assessing Officer arrived at a wrong conclusion though the facts of the case clearly indicate that the Capital gain has to be taxed as Short Term Capital Gain for the A....
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....ction 143(3) read with Section 147 of the Act 6. However, the jurisdictional Commissioner of Income Tax issued a show cause notice under Section 263 of the Act, dated 06.02.2017, claiming that the assessment order was erroneous and prejudicial to the interest of revenue and that it had resulted in an under-assessment of short term capital gains. 7. The assessee submitted a reply to the show ca....
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....ally carried out an enquiry after the reopening of the proceedings and that once there was an application of mind, on the part of the Assessing Officer, it was not open to the Commissioner to invoke the jurisdiction under Section 263 of the Act. The said finding of fact does not give rise to any substantial question of law before us. 10. It is seen from the Order of the Commissioner under Sectio....